The project will include the construction of two new buildings, a central energy plant, auditorium, parking structure and recreation area totaling 342,000 square feet, the world’s largest credit union said.

Headquartered in Vienna, Va., Navy Federal opened its Pensacola operations in 2003 with 60 employees. In 2012, the credit union added 640 jobs, increasing the number of jobs there to more than 2,800 in support of its more than 4.2 million members.

Navy Federal currently has more than 10,000 employees. The credit union said it already has invested over $225 million in Pensacola. Navy Federal also operates seven branches across Florida’s Panhandle.

"Providing the best possible service to our members is our first priority. Our Pensacola expansion is key to supporting the credit union's strong growth and an important way for us to continue delivering outstanding service," said Cutler Dawson, president/CEO at Navy Federal Credit Union. “We're proud to be a part of the economic growth for the area."

Dawson announced the expansion project at a press conference in Pensacola that Gov. Rick Scott and U.S. Rep. Jeff Miller (R-Fla.) attended.

“This is an historic day for Pensacola families,” said Scott. “Today’s news that Navy Federal will create 1,500 jobs for families is a huge win for the Sunshine State, and builds on the 640 jobs that were announced last year.”

Miller called Navy Federal a good corporate neighbor and praised the credit union for its commitment to the Pensacola community.

“We appreciate them choosing Pensacola and we look forward to having them in our neighborhood for many years to come,” he said.